Does UnikoinGold depend on Bitcoin? According to the correlation analysis, BTC and UKG have a very strong positive relationship. The correlation coefficient of their values is 0.75, which was computed based on the last 100-days' price fluctuations of both assets.
This coefficient may vary from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient indicates that the prices of the assets are moving in the reversed trend while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and UnikoinGold connection is positively strong, it means that when BTC is rising UKG will rise as well. The negative strong relation will tell that when BTC is growing UKG price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over UnikoinGold. If we take all the factors affecting the price of UKG as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other circumstances, such as news, events or regulations.